Stop Michigan Foreclosure

Often, when homeowners find themselves in financial hardships, they may look first to housing counseling agencies or mortgage brokers to formulate a workout plan or renegotiate the terms or their loan (as well they should turn there first). But because of the large number of families in similar situations, these alternatives have become flooded with requests.

In response, more private mortgage insurance (PMI) companies have begun offering programs to keep their clients out of foreclosure. Obtainment of private mortgage insurance (not to be confused with homeowner’s insurance) is a requirement on every loan on which there has been less than 20% down payment. The policies are in place to protect the lender if the homeowner stops making payments. Some PMI companies have begun to reach out to homeowners in order to assist in avoiding foreclosure; however, there are often stringent requirements to qualify for the programs being offered.

For example, one program offers to cover delinquent payments with an interest-free loan but requires the applicant to prove the delinquency is temporary and requires the regular monthly mortgage payments continue to be made. Another program is only available to homeowners who have owned their house for fewer than three years.

It’s no wonder far less than 10% of workouts are approved with these strict criteria.

If you are in default or financial hardship, rest assured, you’re not alone, especially if you are facing a Michigan foreclosure. You have only to turn on your television or radio to hear about the many others in similar circumstances, but let me encourage you to research the information out there for yourself to find out what options are available to you because no one else besides you can really choose which option will suit your unique situation.

Of course Emil (“Mom”) is always available to you at no charge to help you narrow your options on focus you on solutions with the best chance of working. Give her a call today.

Melissa